[Adopted 11-13-2008 by L.L. No. 4-2008]
In accordance with the provisions of § 458-b of the Real Property Tax Law of the State of New York, residential real property owned by veterans who rendered military service to the United States during the Cold War shall be partially exempt from Town taxation in accordance with the percentages set forth in § 204-21 hereof.
Pursuant to § 458-b, Subdivision 2(a)(ii),
of the Real Property Tax Law, said maximum exemption allowable from
Town real property taxation shall be 15% of the property's assessment,
not to exceed $12,000, or the product of $12,000 multiplied by the
latest state equalization rate, whichever is less.
Additionally, pursuant to § 458-b,
Subdivision 2(b), of the Real Property Tax Law, where a Cold War veteran
received a compensation rating from the United States Department of
Veterans Affairs or from the United States Department of Defense because
of a service-connected disability, qualifying residential real property
shall be exempt from taxation to the extent of the product of the
assessed value of each property multiplied by 50% of the Cold War
veteran disability rating; provided, however, that such exemption
shall not exceed $40,000 or the product of $40,000 multiplied by the
latest state equalization rate, whichever is less.
[Added 1-11-2018 by L.L.
No. 1-2018[1]]
Pursuant to the authority of § 458-b(2)(c)(iii) of
the Real Property Tax Law, the exemption authorized by this article
shall apply to qualifying owners of qualifying real property for as
long as they remain qualifying owners, without regard to the statutory
ten-year limitation.
